A new combo is a novel formulation and that new combo can get a patent. However I think it’s going to need FDA approval for that formulation if claims are being made that it is superior (and because the manufacturing has to be approved). And if both drugs are available separately, then there is no reason a doctor couldn’t prescribe the 2 drugs, in the same ratio that the combo uses.
The real value to a company with a drug whose patent protection is expiring would be to combine it with a drug that still has patent protection and is not available as a generic. Like, for instance, leronlimab.